Key Highlights
The ETH/USD pair surged higher and broke a major psychological level of $300.00.
There is an 11 candles bullish ride pattern forming on the 2-hour chart, pointing buyer’s strength.
The ETH/BTC pair rocketed above the 0.11BTC level to register new highs.

Technically, the 2-hour chart indicators are in extreme overbought levels and signaling caution.

Ether Price Remains in Bullish Trend

It was a big week for Ether, as the price was able to break two important resistance levels at $270.00 and $300.00 against the US Dollar.

Ethereum ETH USD Weekly Forecast

The ETH/USD pair rocketed higher to break the $300.00 sell wall, and posted a new all-time high at $349.72. It was an amazing ride and can be clearly seen with back to back bullish candles on the 2-hour chart.

There is an 11 candles bullish ride pattern forming ending just near $350.00. I think it should produce a short-term correction in ETH/USD, considering the fact that technical indicators are hitting extreme overbought readings.

On the downside, there is a bullish trend line positioned at $320.00, which may provide support. It also coincides with the 50% Fibonacci retracement level of the last wave from the $290.00 low to $249.00 high.

Below $320.00, the $300.00 handle could act as a strong barrier for sellers if the price extends correction phase. Moving on to the 12-hour chart of ETH/USD, there was a clear break above an ascending contracting triangle pattern at $290.00.

It opened the doors for further gains, and the price spiked above the $300.00 and $330.00 levels. The same breakout zone near $290.00-300.00 might now act as a buy zone and prevent downsides in the near term.

Ether Price Technical Analysis Chart

On the upside, once a short-term correction is over, the price may retest $349.00. Should there be a break above $349.00, Ether buyers could push the price towards the 1.236 extension of the recent correction.

To sum it up, the current trend is super bullish for Ether, and the price is likely to continue moving higher. I won’t be surprised if it breaks the recent high of $349.00 soon and trade towards the $400.00 level.

Important Resistance Levels

$349.00 and $380.00

Important Support Levels

$320.00 and $300.00

12-hour RSI

The RSI is moving higher and may soon reach overbought levels.

12-hour MACD

The MACD is placed well in the bullish zone.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Bearish Below $290
06-12-2017 ETH/USD Forecast: Can Ether Stay Above $400?
06-11-2017 ETH/USD Weekly Forecast: Big Week For Ether
06-10-2017 ETH/USD Forecast: $300.00 a Real Possibility
   

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